There are several cases wherein the Builder take the money as booking amount from a flat seeker (flat buyer) and then the builder arranged the finance from the Bank by recommending the buyer to get the finance from a particular Bank which he says that the project is financed by the particular Bank.

Builder to pay Rs.20000 pm penalty for delay

When the flat seeker. flat buyer approaches the Bank, the seeker gets certain documents which are filled with the help of builder and then to ensure safety of the flat buyer / seeker, a Tripartite agreement is made. The flat seeker becomes very happy because of the security provided by the builder to the bank and also the flat seeker.

Builder to pay Rs.20000 pm penalty for delay:

If the project is a success and it is the destiny of the flat seeker and if the project is not a success the borrower cum flat seeker has to face multiple problems.

Builder to pay Rs.20000 pm penalty for delay

On one hand the Bank files the case in DRT to recover the amount on default from the Borrower along with builder, on the other hand the borrower is estopped from taking any loan from any bank due to placing of his name in the CIBIL records by the creditor Bank.

In one of the such default case, the borrowers took all the 3 way protection as has been normally recommended by us to all. (1) Civil action (2) Consumer action (3) Criminal action

Out of the above 3 actions we would like to inform you that:

Here is good news for the buyers who didn’t get flats in given time as promised by the builders. One of the builder Parsvnath developer of Lucknow was delaying in delivering the flats to the buyers in given time. There is a general procedure to file a case in District Forum for the Consumers, then there is also a provision to file the case before the State Commission and the case can also be filed in the National Commission and the other name of the National Commission is NCDRC. The flat buyers approached NCDRC. The NCDRC imposed penalty on the builder to give compensation to the buyers on monthly basis. It is decided that the amount will be Rupees Fifteen to twenty thousand per month and the amount will be according to the area of the flat. Prior to this verdict the NCDRC had also directed Unitech Builders to pay the penalty per annum @ 12% for delaying the projects in Gurgaon.

The Parsvnath builder promised their clients to give flats in the Year 2009-10 but failed to give till the year 2015. Now the buyers are planning to go to the supreme court for fixing the time limit of allotment or they should get heavy compensation from the builders.

Builder in Guwahati has delayed completion of Apartment Project by more than 5 years. They have given possession to flat owners about 2 years back without completing the common areas/facilities. Though many of the flat owners are residing here they have not given occupation certifications. They are not handing over the common areas/facilities to the Society and collecting maintenance charges without giving accounts. Now they are making some illegal constructions and also selling some common areas e.g. part of Roofs, some additional car parking spaces, rooms in ground floor meant for society use etc. They are also making a lot of deviations in the Sale Deed in comparison to Sale Agreement. Kindly suggest what course of action should be taken by flat owners and the Society.